You will waste £421 in tax in 2012

Sarah Coles
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David Jones/PA Archive/Press Association Images

Research from reveals that each person in the UK will chuck away an astonishing £421 in tax in 2012. The biggest area of waste is unclaimed tax credits - of which an astonishing £7.26 billion will go unclaimed and wasted this year. But you don't have to qualify for tax credits to be chucking your money away.

Some 85% of us haven't taken some really simple steps to reduce the amount of tax we pay.